Franklin Electric Co. (FELE) Downgraded to “Sell” at Zacks Investment Research
Franklin Electric Co. (NASDAQ:FELE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.
According to Zacks, “Franklin Electric Company is the world’s largest manufacturer of submersible electric motors and a leading producer of engineered specialty electric motor products and electronic controls used by original equipment manufacturers around the world, in a wide variety of residential, industrial and municipal applications. The principal application for Franklin’s submersible electric motors is for water well pumping systems. “
Separately, Boenning Scattergood raised shares of Franklin Electric from a “neutral” rating to an “outperform” rating and set a $40.00 price target on the stock in a research note on Monday, July 11th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $36.00.
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Franklin Electric (NASDAQ:FELE) traded down 0.52% during midday trading on Tuesday, reaching $38.20. 91,460 shares of the company’s stock traded hands. The company has a market capitalization of $1.77 billion, a price-to-earnings ratio of 24.81 and a beta of 1.61. Franklin Electric has a 1-year low of $23.75 and a 1-year high of $41.13. The firm’s 50-day moving average is $38.92 and its 200-day moving average is $35.62.
Franklin Electric (NASDAQ:FELE) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $0.51 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.02. The firm had revenue of $252.10 million for the quarter, compared to the consensus estimate of $255.60 million. Franklin Electric had a net margin of 8.07% and a return on equity of 13.27%. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period last year, the firm posted $0.35 earnings per share. Analysts forecast that Franklin Electric will post $1.66 earnings per share for the current year.
In related news, insider Robert J. Stone sold 10,000 shares of the firm’s stock in a transaction dated Thursday, September 22nd. The shares were sold at an average price of $40.03, for a total transaction of $400,300.00. Following the completion of the sale, the insider now directly owns 36,359 shares in the company, valued at $1,455,450.77. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director David M. Wathen sold 4,498 shares of the firm’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $38.28, for a total transaction of $172,183.44. The disclosure for this sale can be found here. Corporate insiders own 2.67% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in FELE. Emerald Acquisition Ltd. bought a new stake in shares of Franklin Electric during the second quarter worth $11,009,000. Neuberger Berman Group LLC boosted its stake in shares of Franklin Electric by 10.4% in the second quarter. Neuberger Berman Group LLC now owns 1,805,375 shares of the company’s stock worth $59,668,000 after buying an additional 170,665 shares in the last quarter. Schroder Investment Management Group bought a new stake in shares of Franklin Electric during the second quarter worth $5,507,000. FMR LLC boosted its stake in shares of Franklin Electric by 61.2% in the second quarter. FMR LLC now owns 364,187 shares of the company’s stock worth $12,037,000 after buying an additional 138,250 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Franklin Electric by 8.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,535,291 shares of the company’s stock worth $50,740,000 after buying an additional 119,649 shares in the last quarter. Hedge funds and other institutional investors own 78.90% of the company’s stock.
Franklin Electric Company Profile
Franklin Electric Co, Inc, together with its subsidiaries, is engaged in designing, manufacturing and distributing water and fuel pumping systems, composed of submersible motors, pumps, electronic controls, and related parts and equipment. The Company’s segments include the Water Systems segment and the Fueling Systems segment.
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